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Barclays Kicks Off Fintech Startup Accelerator

The bank announced a new startup accelerator next year, the first of six it plans to launch over the next three years.

Barclays is launching a new accelerator program for financial technology startup companies, according to a statement released today by the bank. The program will be launched and managed in partnership with Techstars, which has partnered with Microsoft and others on similar startup accelerators, the statement said.

Innovators and startups can apply to the program, and ten finalists will be chosen to participate in the program, which will start next June. The program will focus on improving customer experience in banking, the statement said.

[Check Out More of Our Recent Barclays Coverage: Barclays Announces Resignation of Senior Compliance and IT Executives]

The ten finalists will receive seed funding and will work in custom built facilities. Barclays and Techstars executives will also be on hand for mentoring, the statement added. The finalists will get to demo their business model for Barclays executives at the end of the program in September 2014.

This is the first of six accelerator programs that Barclays and Techstars plan to partner on in the next 3 years, according to the statement.

“We’ve already had great successes using an entrepreneurial approach to future design with the launch of our innovative Barclays Pingit app, and we’re keen to ensure we build upon these by supporting entrepreneurs and putting them in an ecosystem where they can grow and develop,” Derek White, Barclays chief design officer, said in the statement.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Kelly22
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Kelly22,
User Rank: Author
12/10/2013 | 6:54:36 PM
re: Barclays Kicks Off Fintech Startup Accelerator
I think that's a big part of it, Bryan. Many creative tech minds aim to work for companies like Google or Facebook and don't think much about a career in financial services. These programs provide an opportunity for them to innovate and develop their ideas, which is appealing to talented students/entrepreneurs who haven't chosen an industry. Companies also benefit from new ideas and potential new talent - sounds like a win-win to me.
Ivy Schmerken
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Ivy Schmerken,
User Rank: Author
12/10/2013 | 4:58:41 PM
re: Barclays Kicks Off Fintech Startup Accelerator
This can mentor entrepreneurs who start new technologies to be used in banking. Then banks that seed these companies can help them grow and profit when they go public. Barclays Pingit is a cool product that enables customers and non-customers of Barclays to send money to family, friends or pay businesses.
Byurcan
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Byurcan,
User Rank: Author
12/10/2013 | 12:43:06 AM
re: Barclays Kicks Off Fintech Startup Accelerator
Yes, and also as a way to attract the next generation of tech talent, who may not typically think about a career in financial services.
KBurger
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KBurger,
User Rank: Strategist
12/9/2013 | 8:01:10 PM
re: Barclays Kicks Off Fintech Startup Accelerator
This type of initiative/investment program is increasingly popular in financial services. I wonder if any of these start-up companies will become future competitors of banks in areas such as payments services, lending, etc. -- perhaps banks such as Barclays view these investments as ways to preempt some of the emerging non-traditional competition.
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